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>> thanks to eric bolling from filling in? >> yes, i'm going to do bulls and bears right now. >> all right, see you tomorrow on "fox & friends".." >> the party after the party. gaining the huge win for tea party candidates this week, will turn into a big wind to extend everyone tax cuts this year. wooer' already seeing more democrats hop on the tax cutting band wagon. so will the tea party victories be a victory for all taxpayers? hi, everyone, i'm brenda buttner, this is bulls and bears, let's get right to it. the bulls and bears this week, gary b smith, tobin smith. jonas max ferris, eric bolling along with strategist julian epstein. eric, big win for tea party and big win for extending all
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tax cuts? >> i hope so and i think so. i think we saw that with the big wins in delaware and paladino, i'm sorry, and christine o'donnell and i think the next day we saw 30 or 34 the number keeps growing, the democrats coming and saying, you know what, all bush tax credits not just some of them. i think that's good news because i think the economy needs the tax credits to go forward. if not, i think we maybe go back into another recession, maybe double dip. >> brenda: julian, there's a ground swell of opinions of tax cuts for everyone, basically the message of the tea party. is that going to change the polici policies. >> actually isn't. the gallup poll shows that the public sports the obama plan of extending tax cuts to 98% of americans and not the richest 2% and the economics of that are pretty decent. we have a recession right now, basically a credit driven and consumer spending driven recession not a productivity driven recession. if it's productivity i could
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see extending it for maybe the richest 2% or an argument for extending to for the s-corporations employing more than five employers. i could see that argument for the last 2%, but basically you've got a situation where the obama administration is trying to put more money into the people that are going to spend it into the economy and that makes good economic sense and the tea partiers want to blow a 4 trillion dollar hole into the deficit by extending the tax cuts to the richest. >> well. >> okay, toby. >> first off, let's talk about the ground swell for a second. it is about taxes, but why, you know, cutting taxes? the idea is that there's a limit to what government can improve our lives and there's a point where it gets too big and hurts the economy and it hurts our prosperity and this is a bigger message and, now, sort of an old name. so, just going back to the sound economic policy and that would have to be a reduction in the total spending on government that was current with these extending the
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current taxes, because that 2%, guys, remember, pays about 50% of all taxes and that would hit the hardest point. >> gary b. tax cuts for everyone, that's the basic message. is that getting through to d.c.? >> i think it is, brenda. you know, and this is not just a tea party. you know, the tea party is getting a lot of the press right now, but i think this is really striking at the whole core of the obama administration policies. i think in fact, if you're any incumbent, republican or democrat, who is not thinking about a smaller government and b, lower taxes, you're in trouble. i think the tea party has done a great job of highlighting this and regardless of the polls. you know, julian brings up the polls. 40% of the country doesn't pay any income taxes and you know, what does he think the poll going to say? the better poll is what does the country think of obama's economic policies and most of the country thinks that
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they're unfavorable on that. so you get that, you get the tea party. i think there's a ground swell here that i think is going to grow as we get closer to november. >> i want to hear from jonas, he thinks actually this is hurt the extension of all the tax cuts, of the tax cuts, right, jonas. >> i think it could, only because i ultimately think this is not going to work and it's going to take the pressure off of the competitive election where the democrats don't have to worry about appeasing this, always wanting the tax cut and worry about their constituency. to the other guest's points. have there ever been a time in america that somebody with so little experience, can get the vote by two things, tax cuts and spending cuts? a lot of politicians talk about taxes all the time, but actually cutting the size of government is not the most popular thing in the world. it's like growth every year and if that could tack away both parties, well, i can get votes by cutting spending and get initiative, i would argue spending cuts before the tax
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cuts, but again, i just worry it's not going to go far enough to the point you just brought up that it's actually going to lead to actual changes, but we'll see. >>. >> brenda: but, julian, you think the tea party didn't have any impact on this. do you think that extending the tax cuts will hurt the economy? >> i think that the tea party is about anti-establishment anger, largely on the right. i think that the obama plan, as i said, the way he phrases the tax cuts, has got pretty strong government for i think the idea of extending the tax cuts, really, for 98% of americans, everybody making under 250,000 makes a lot of sense. i think given the nature of this recession, when you talk about tax cuts, 4 trillion dollar hole in the deficit. beyond for that last 2%, the richest 2%, that's more questionable. for everybody talking about spending cuts, you all love to talk about it, but nobody can identify any spending cuts of any serious magnitude that would pay for something like that. nobody on the show will do that. >> brenda: okay, wait, i just
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want to say that-- >> social security and medicare. >> brenda: that's it, that's the-- >> tea party can't say they're against that. >> the tea party can't say against the medicare cuts and the health care bill. >> brenda: toby, what will this mean for the economy if the tax cuts don't get extended for everyone? >> if they don't get extended we know that on january 1st, about 5% less income is going to go into the paycheck of every person of those 50% of americans who actually pay some federal tax. we know that's going to happen and we know that when that money hits the checking account and i hate to argue with julian's point here. when less money goes into the checking account, less money is spent. now, the idea that we're all free and everybody's equal and the fact that only if somebody pays $1,000 in taxes here and somebody else pays 25 million in taxes the fact is the guy who pays 25 million has less to spends. >> partially because of the tax cuts, don't forget more of
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the country pays taxes if the tax cuts go away. >> no, no, they're not all going away. nancy pelosi said they're not all going away. >> brenda: and rich guys like you, you spend a lot of money. >> i tell you what, until i put two children through college, i have a lot more money, a lot less now. i tell you what, the democratic side brings up this 4 trillion hole, you know, and it's funny, that hole compared to what the hole we've already seen with obama care rats are going up across. well, we've already spent on the stimulus, it hasn't yielded a dime is trivial. the fact of the matter is, toby got it right. this spending goes from toby's wallet, for example, into the government's wallet. we've already seen time and time again, the government is the worst business person in the world. they can't spend the money efficiently at all and yet, they keep trying. >> brenda: eric, so you think for the economy, what would these tax cuts bring. >> the 34 house democrats that
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wrote this exact letter here point out that with the cuts need to be extended for american families and businesses so they have certainty. certainty is the key word here because when you have tax certainty, then you do things like hire more people, you-- make longer term plans. you don't make a plan on a one-year outlook, you do it on a five or ten-year outlook and add the certainty and watch that stimulate the economy. >> brenda: toby. >> fair enough and the other point we're missing here is that this ground swell from the tea party, it gets painted into certainly fanatic people. and sort of the traditional way to balance the budgets, we've done it in a lot of other times, and this is sort of a cry for help. >> brenda: 20 seconds, quickly, julian? >> there's two kinds of rich people in that 2%. there's one set of folks who just sit on their money and don't put it back into the economy and another set of folks who are actually employing people, small businesses that make 250,000 a year and i hate to try to come to some agreement with the
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panelists, but if there's an opportunity to the individual-- >> that's the last word. forget what the tea partiers will do. this guy is already scaring unions and the white house right now. >> unlike the president of the united states, i can't print money. >> brenda: neil's exclusive with new jersey's very blunt governor chris christy coming up. but first, we've been warning you about it. now, we have the proof about it. stimulus isn't working and if the vice-president is listening, he might want to listen to this. >> joe biden today saying keep defending the stimulus is working like a charm. >> i don't know what he's smoking, but the rest of the world on this. interesting grooming. thanks. i got the idearom general mills big g cereals. they put a white check on the top of every box to let people know that their cereals
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>> hi, live from america's news headquarters, i'm jamie colby. right now the values voters summit is underway in our nation's capital. former speaker newt gingrich at the podium. let's listen in. >> this guy, by the way, was in contact with the imam in yemen and the security apparatus failed. nobody knew, nobody decided, nobody had analyzed even though the data was there, until he killed people. this was an act of terror. this is an enemy combatant. this is not a domestic civil problem. [applaus [applause] >> finally, pakistani citizen
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becomes-- >> keep it on fox for the very latest. all that and all of your headlines all day long. later this afternoon, a straw poll of likely republican presidential contenders. >> so you think they should put the spending shovel down. you talk to joe biden today, keep the spending going, stimulus is working like a charm? >> i don't know what he's smoking, but i-- we ought to put the rest of the world on it. >> the vice-president of the united states. >> yeah, may still be smoking, okay. >> brenda: home depot's co-founder not pulling punches with our own neil cavuto on the fox business network. he may be on to something. a new report shows 111 million stimulus bucks only created, get this, 55 jobs in los angeles. toby, that's more than 2 million per worker. i know you'll give us your signature-- >> anyway, here is what i think
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(laughter) >> so we know that the government, when they actually quote, are doing stimulus are in fact taking money out of the private sector and goes into their pocket and allocate the way they think it's best. 2 million per job, but everyone says it's a microcosm and it's anomaly, it's not. we already looked at the numbers from the last stimulus, about 300,000 a job. so, clearly, this is, you know, one of the best points i've ever seen get them the heck out of office. >> okay, julian, what do you think about the numbers? >> this is folks that are smoking something, you know, to make economic policy because of government reports, a little anecdote, we looked at a report like this and found the economics are bad. consider the basic data here. before the stimulus, when obama came into office we were at negative 6 economic growth. >> brenda: what about unemployment. >> and positive 3 economic growth. that's a 9 point swing in economic growth. >> brenda: okay. >> before the stimulus we were losing 700,000 jobs a month. we're now creating jobs.
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that's a switch from 700,000 jobs per month. before the stimulus we were at 6,000 on the stock market and now at 10. the big data show that the stimulus is working and anything we should have had a bigger stimulus, 2.3 trillion dollar hole in the economy. >> brenda: we have lots of gigglers now and gary b, i think you beat out jonas. >> well, i tell you, leave it to the typical democrat to just laugh off, you know, 100 million dollar. oh, that's just some anecdote, who cares about that. >> brenda: it's not an isolated incident though. >> smoke and mirrors and-- >> julian, please, be quiet. >> thank you. >> brenda: i'm requesting you nicely. >> and to many of julian's points one he talked about the gdp growth and one part of that, all of that stimulus spending, the government robbed peter to pay paul and that goes to the gdp bottom line. he's right if there is more
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stimulus spending there would have been greater gdp growth, but the fact is, unemployment is up since stimulus started. household net worth just in the wall street journal today, down. and this is the worst recovery-- we're at half the growth we were compared to recessions we've had in '74, '75 and '81, '82. so this is a horrible plan. >> brenda: all right. eric, what does it say about stimulus? we need more, do you think? >> okay, so unemployment wasn't supposed to go above 8%, it's 9 1/2%, 14 million people you've heard that number. we found out 14% of americans are living below poverty, the highest since 1960. how about this one. foreclosures in august, the last reported month on record, the biggest drop, biggest increase in foreclosures, 25% more than 2009, in 2009 was no record or winner number. this stimulus money is not working. stop it, you're lying to people. >> brenda: okay. hold on. >> and respectfully as a host i know you'd like to keep me
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quiet we're five on one, five against one. >> brenda: respectfully, that's what you call respectfulrespec respectful respectfully. we've got limited time. old on, jonas is going to be on your side, so, go ahead, jonas. >> don't count me there yet. better watch, stop the rebate checks from applying to home depot, and government handouts in the last year. the point is-- >> other than gm. >> tobin is not 100% wrong on this, this is not a very good job build kind of stimulus. building roads does not put a lot of people to work. if you look at the case, traffic lights, expensive asphalt. pay people to clean roads puts more people to work. there wasn't a whole lot in the bill, including the tax cut that creates massive amounts of jobs. it's not a jobs bill. that's one of the reasons why the unemployment rate is so high. >> brenda: we've got to go. bailout, backlash not going
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schools, organizations and businesses. ♪ working to set opportunity in motion. bank of america. >> coming up all the anti-bailout rallies may pay off for taxpayers. the report showing the government got the message
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>> it sounds like d.c. is getting the message on bailouts. a new report saying that taxpayer anger over all the financial rescues may pressure the government to hold out on future bailouts. gary b you, say it's great news. >> it definitely is, brenda. this may surprise some. i was never a fan of the, you know, the quote, unquote.
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wall street bailout. the moral hazard that start today begin with. the wall street firms or the bulk would feel that the government would many could to the rescue and sure enough, instead of firms going out of business like lehman and like gm should have, what's happened is these wall street firms took in the money at ultra low interest rates, and you know what, and goes to clean up the troubled assets. you know what, we never hear about the troubled assets anymore, you know why, because they're still on the books and so wall street benefitted and i agree with, you know, many people. the american people got rooked on it and those firms should have been allowed to go out of business and if we take away the safety net. things will get stronger. >> brenda: toby. >> i agree, but i think there's another part here, which is that the bailout, you know, if we are going to have a next financial crisis it's going to be an asset about you believe that blew up like these guys on a bunch of borrowed money and assets. if we let the darwinism work and let the people who didn't
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use the money well go out of business. we will have a stronger situation, my fear is, we're not the federal reserve and defending the heavy lifting on the bailout and we think they're now an angel. >> julian would respect me more as a host if i said take the rest of the segment. >> well, i just like it fair and balanced. >> brenda: i think it has been, go ahead. >> fine, while we're on the subject of poll, segway from the previous segments, we should know that the public is overwhelmingly against the tax cuts for the rich. the public overwhelmingly believe the recession we're in an is bush recession. if he wwe want to look at polls and who so blame, bush administration. >> on the question of bailouts. >> brenda: the point. >> and it's clearly worked, look what's happened in the financial industry, the financial services industry, respectively bridged into the financial services industry and most of the financial
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services industry is now reporting a profit and tarp money repaid to the government with interest. same thing with the auto industry, the auto industry basically repaid loans and saved the american industry-- >> all right, go ahead, eric. >> that's incorrect. there's about 80 billion dollars that the public, that we bailed out the auto industry will never see a dime of. yes, do they want to go public, ipo, maybe pay 3 or 4 billion back, but there's 80 billion dollars back there. the bailouts don't work. very interestingly in the 2300 page financial regulatory bill that went through congress a little while ago, they pulled too big to fail out of there and leaves the door open to come in and say-- >> jonas. >> the public outrage will keep the government whoever is in charge from doing another bailout. kind of a good thing and prevent the lame bailouts we don't need. >> however, if we actually need a bailout and maybe there will be an eevent sometime,
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not chrysler getting a third bailout. but the government wants to put in money and public won't allow it, it won't be good we don't do that bailout. we wouldn't see that, that's a long shot event and again outrage is going to prevent the lame bailouts we don't need to see, but could prevent what we need. >> so there's lame bailouts and unlame bailouts. >> brenda: you always get the last words. thank you, julian for joining us, thank you. the french getting fried again, what they're protesting now, over there and how it may make one stop here just 10% in just four months. hey, did you ever finish last month's invoices?
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sadly, no. oh. but i did pick up your dry cleaning and had your shoes shined. well, i made you a reservation at the sushi plce around the corner. well, in that case, i better get bk to these invoices... whh i'll do right after making your favorite pancakes. you know what? i'm going to tidy up your side of the office. i can't hear you because i'm also making you a smoothie. [ male announcer ] marriott hotels & resorts knows it's better for xerox to automate their global invoice process so they can focus on serving their customers. with xerox, you're ready for real business.
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>> predictions. gary b. you're up. >> well, brenda, i never thought i'd say this, but it looks like the french are finally starting to get it. i'm going to move to france for crying out loud, as they're kind of you know, talking about raising the retirement age for their social security. i think ewq, it's the france etf, is up 10% by the end of the year. >> brenda: jonas, what do you think of that. >> you know, they have a wealth tax in france. i hope you know that. i own european index funds, but-- >> okay, tobin. your prediction. >> i'm more into spanish, okay? but i tell you what the pictures by the way, you'll
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notice, you can't see the picture, this woman wears jeans quite well, i think she's going to get the jean thing going again and i like the urban outfitter. >> brenda: you've always been a bull on tight jeans. how about you, gary b. >> guilty. >> well, i think if toby likes it, i like it the only problem it's made a huge run up 14% the las month an and i want to are a pullback. >> brenda: jonas your prediction. >> the delta pilot allegedly hopped on to the plane to fly it in the netherlands and actually you can smoke marijuana legally and find out why they have strict alcohol laws. anyway, this is good for forest labs. >> anything to do with drugs and alcohol i'm a bull. >> how do you follow that, and there are three things popular in america right now, tea, gold and guns and the gold i've been talking about this for a good portion of four years since of' been at tax. this started at $20,000, it's worth 50 grand and i think that

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Bulls and Bears
FOX News September 18, 2010 10:00am-10:30am EDT

News/Business. The latest market news; the week ahead on Wall Street. (CC)

TOPIC FREQUENCY Julian 9, Jonas 6, Eric 4, Brenda 4, France 3, Obama 3, Gary B. 3, Gm 2, Eric Bolling 2, Tobin 2, Joe Biden 2, Gallup 1, Obama Administration 1, Unquote 1, Shanghai 1, Hydrogen 1, D.c. 1, China 1, Delaware 1, Lehman 1
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